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D51  General equilibrium and disequilibrium  Exchange and production economies
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Label Levine, David K. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 386 Label In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient. Label Barter equilibria, Consumers, Monetary equilbria, Money, and Inflation Label E42  Money and interest rates  Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems and D51  General equilibrium and disequilibrium  Exchange and production economies 
Label Eichenbaum, Martin S. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 148 Label This document is a 17page handout that accompanies WP 148, which can be accessed by clicking on the file 19800500fedmwp148 in the Relationrequires field.
Label Competitive equilibrium and Time series analysis Label D51  General equilibrium and disequilibrium  Exchange and production economies and C32  Multiple or simultaneous equation models  Timeseries models ; Dynamic quantile regressions 
Label Eichenbaum, Martin S. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 148 Label A critical roadblock to modelling inventories of finished goods has been the claim that production and inventory decisions of a perfectly competitive firm are determined independently of each other. A basic goal of this study is to specify fundamental preferences of economic agents, technologies, constraints and market structures that are. in a rough way, capable of generating patterns of serial correlation and cross correlation between inventories and employment of factors of production that are consistent with those observed in the data. The claim is made that the time series for inventories, output and employment can be interpreted as emerging from a well specified dynamic, stochastic competitive equilibrium in which economic agents are assumed to form rational expectations about variables not included in their information sets. Inventories and employment will not be related in a direct way if and only if the price elasticity of demand for output is equal to infinity. Label Working Paper 148 has a 17page handout. To access, please click link for 19800200fedmwp148 in the Relationhas part field.
Label Competitive equilibrium and Time series analysis Label D51  General equilibrium and disequilibrium  Exchange and production economies and C32  Multiple or simultaneous equation models  Timeseries models ; Dynamic quantile regressions 
Label Prescott, Edward C. and Townsend, Robert M., 1948 Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 203 Label General competitive analysis is extended to cover a dynamic, pureexchange economy with privately observed shocks to preferences. In the linear, infinitedimensional space containing lotteries we establish the existence of optima, the existence of competitive equilibria, and that every competitive equilibrium is an optimum. An example illustrates that rationing and securities with contrived risk have an equilibrium interpretation. Label Pure exchange, Lotteries, and Competitive equilibria Label D82  Information, knowledge, and uncertainty  Asymmetric and private information and D51  General equilibrium and disequilibrium  Exchange and production economies 
Label Bryant, John B. Label Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Label 155 Label A new approach to market behavior is suggested. This approach has a coherent game theoretic foundaton, addresses such anomalous economic behaviors as strikes, rigid wages and unemployment, regulation of financial markets, depresssion, and nonmarket allocation, and, more generally, provides insights for Finance, Oligopoly Theory, Industrial Organization, and Macroeconomics. The central theme of the approach is that exchange technologies are a basic building block in a model, as are tastes, endowments, and production technologies. Moreover, the key feature of an institution of exchange is that it allows the making of a binding final offer. Label Bargaining problem, Market behavior, and Competitive allocation Label D51  General equilibrium and disequilibrium  Exchange and production economies and C72  Game theory and bargaining theory  Noncooperative games 
Label Prescott, Edward C. and RíosRull, JoséVíctor. Label Advances in dynamic economics Label A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition. We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality. Moreover, the equilibrium can be readily found by solving a maximization program. Label Equilibrium, Rational behavior, and Overlapping generations Label D51  General equilibrium and disequilibrium  Exchange and production economies and E13  General aggregative models  Neoclassical 
Label Bullard, James. and Russell, Steven. Label Finance, fluctuations, and development Label We examine the conditions under which steady states with low real interest rates—real rates substantially below the output growth rate—exist in an overlapping generations model with production, capital accumulation, a laborleisure tradeoff, technological progress, and agents who live for many periods. The number of periods in an agent's life (n) is left open for much of the analysis and determines the temporal interpretation of a time period. The qualitative properties of the model are largely invariant to different values of n. We find that two low real interest rate steady states exist for empirically plausible values of the parameters of the model. Outside liabilities such as fiat currency or unbacked government debt are valued in one of these steady states. Label General equilibrium models, Interest rates, and Debts, Public Label D51  General equilibrium and disequilibrium  Exchange and production economies and E40  Money and interest rates  General 
Label Gintis, Herbert. Label Monetary theory and financial intermediation Label This paper develops the KiyotakiWright model of monetary general equilibrium in which trade is bilateral and enforced by requiring that transactions be quid pro quo, and studies which goods are chosen, and under what conditions, as media of exchange. We prove the existence of a rational expectations equilibrium in which agents' expectations concerning trading opportunities are realized in the present and all future periods. We also show that, exceptional cases aside, no rational expectations barter equilibrium exists; that an equilibrium generally supports multiple money goods; and that a fiat money (i.e., a good that is produced, has minimum storage costs, but is not consumed) cannot be traded in rational expectations equilibrium. Label C62  Mathematical methods and programming  Existence and stability conditions of equilibrium and D51  General equilibrium and disequilibrium  Exchange and production economies 
Label Kehoe, Timothy Jerome, 1953, Kiyotaki, Nobuhiro., and Wright, Randall. Label Monetary theory and financial intermediation Label We extend the analysis of Kiyotaki and Wright, who study an economy in which the different commodities that serve as media of exchange are determined endogenously. Kiyotaki and Wright consider only symmetric, steadystate, purestrategy equilibria, and find that for some parameter values no such equilibria exist. We consider mixedstrategy equilibria and dynamic equilibria. We prove that a steadystate equilibrium exists for all parameter values and that the number of steadystate equilibria is generically finite. We also show, however, that there may be a continuum of dynamic equilibria. Further, some dynamic equilibria display cycles. Label D51  General equilibrium and disequilibrium  Exchange and production economies and E40  Money and interest rates  General 
Label Roberds, William. Label Monetary theory and financial intermediation Label E42  Money and interest rates  Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems, D51  General equilibrium and disequilibrium  Exchange and production economies, and E40  Money and interest rates  General